本文試圖建立一個選擇權評價模式的理論模型，探討銀行廠商在面對勞工參與公司治理、資本管制及存款利率時，將如何影響銀行最適利差之決策行為。研究發現，當銀行經理人對股東權益報酬的風險認知，是屬於相對低風險的狀態下，透過勞工參與公司治理程度增加，將導致銀行最適利差降低。因此得知，員工干預公司經營時，將導致銀行獲利減少，隱含著工會的群眾力量不能代表專業化管理，勞工應尊重經理人專業的決策，減少其干預。

    當銀行經理人對股東權益報酬的風險認知，是屬於相對高風險的狀態下，透過金融管理當局增加資本管制，將導致銀行最適利差增加，因此得知，提高資本管制不但可使銀行獲利增加，進而達到金融穩定的效果。而當銀行有能力同時決定市場的存放款利率時，在策略性替代下，銀行將會降低存款利率，達到獲利增加的效果。

This paper demonstrates how labor voice and capital regulation jointly determine the bank’s optimal interest margin decision.  Our theoretical model is based on a regime giving corporate governance power to current labor and then labor’s objective is equivalent to minimizing the equity value of the put option.  Our model show that an increase in the labor voice in corporate governance decreases the bank’s optimal interest margin in the put-option valuation when the bank realizes a relatively less risky state of the world.  Labor shouldn’t interfere with bank’s strategy.

  However, our model also shows that an increase in the capital-to-deposits ratio increases the bank’s optimal interest margin when the bank realizes a relatively more risky state.  Enhancing capital regulation can achieve finance stable.

中文摘要........................................II 
英文摘要.......................................III
圖表目錄........................................VI

第一章  緒論.....................................1
第一節  研究動機與目的...........................1
第二節  研究方法.................................6
第三節  研究架構與流程...........................7

第二章  文獻探討.................................10
第一節  Black and Scholes模型及應用於銀行廠商理論11
第二節  資本管制相關文獻.........................19
第三節  公司治理機制之相關文獻...................26

第三章  基本模型.................................33
第一節　基本架構.................................33
第二節　關鍵性假設	...............................43
第三節  目標函數之建立...........................49

第四章  模型均衡條件與比較靜態分析...............57
第一節　模型的均衡條件...........................57
第二節  比較靜態分析.............................64

第五章  結論.....................................73

參考文獻.........................................75

圖表目錄

圖1-1：本文之研究架構與流程	......................9
圖3-1：生產性廠商................................39
圖3-2：金融性廠商................................39
圖3-3：銀行經理人與員工之放款數量................51
圖4-1：損失極小化的最適放款利率..................58
圖4-2：最適放款利率..............................62
圖4-3：最適放款利率..............................62
表2-1：Black and Scholes模型應用於銀行廠商理論之相關文獻18 
表2-2：資本管制之相關文獻........................25
表2-3：公司治理之相關文獻........................32
表3-1：生產性廠商與金融性廠商的差異性............42
表3-2：假設條件與設立理由........................48

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吳樂群、周行一、施敏雄、陳茵琦、簡淑芬合著(2003)，公司治理－董監及監察人如何執行職務，證券暨期貨市場發展基金會。

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周繼儒(2003)，「銀行利率制訂行為與金融電子商務涉入決策－選擇權訂價模式分析」，淡江大學國際貿易學系在職專班碩士論文。

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陳怡芸(2002)，「我國金融控股公司資本適足性之評估」，中山大學財務管理研究所碩士論文。

陳怡蓁(2006)，「好天氣認知行為模式與最適放款利率－選擇權評價分析」，淡江大學國際企業學研究所碩士論文。

陳明貴(2000)，「資本管制下主併銀行的利率設定行為：或有請求權分析」，淡江大學國際企業學研究所碩士論文。

楊昌烈(2004)，「台灣金融業引進公司治理制度與風險控制關聯性之研究」，大葉大學國際企業管理學系碩士在職專班碩士論文。

劉文忠(2007)，「公司治理與銀行流動資產性管理：選擇權評價分析」，西南財經大學金融專業博士班博士論文。

劉潔如(2003)，「金融機構之公司治理及其相關監理問題研究—以中興銀行為例」，台灣大學國際企業研究所碩士論文。

顏孜芸(2001)，「存款保險監理與最適銀行利差：限制性或有請求權模型」，淡江大學國際企業學研究所碩士論文。

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